New Bill Aims to Ban Insider Betting by Lawmakers on Prediction Markets
- Wisconsin Representative Bryan Steil introduced the Stop Lawmakers from Predicting Act, targeting bets on public policy issues.
- The bill would bar “members of Congress, their spouses, and dependent children” from using platforms like Kalshi and Polymarket for event contracts.
- Violators could face a $2,000 fee or pay up to 10% of the value of prohibited bets.
- The law does not prevent lawmakers from betting on sports events but prohibits wagers on government policies and political outcomes.
- If enacted, the law could take effect within six months after being signed by the president.
The proposed legislation follows concerns about lawmakers potentially profiting from insider information related to prediction markets, especially after a soldier reportedly made over $400,000 betting on political outcomes in Venezuela.
Steil’s bill does not include White House officials in its restrictions, raising questions about accountability among all government members involved in prediction markets. (Source)
